#数字资产市场动态 The Biggest Options Expiration Day of the Year Concludes: $28 Billion in Massive Positions Changed Hands

Yesterday can be called a historic day in the crypto world—the record-breaking options expiration day officially took place, and those huge "betting contracts" in the market settled all at once.

The data is very straightforward: Bitcoin's maximum pain point is set at 95,000, Ethereum at 3,100. The final market trend was well below these levels, meaning a large number of bullish options were directly crushed, and the short sellers ended up laughing last.

But what’s truly worth digging into isn’t the expiration itself, but **what happens after**.

According to on-chain data, after the expiration, major funds generally shifted their positions to options contracts expiring around the end of March next year. Even more interestingly, over 30% of these new positions are "out-of-the-money call options"—in other words, institutions and large investors are collectively betting that there will be a significant upward move in the first quarter of next year, with target prices not at the current levels but pointing to higher ranges.

What does this reveal? The huge uncertainty has been released, and the market has shed a heavy burden. The newly opened main positions are highly aligned in their bullish outlook for the distant future, laying a deep foundation for the Q1 market. In other words, the sluggishness in Q4 might just be the buildup phase for the next wave of market movement.

**So, how should one respond?**

Don’t rush, and don’t blindly increase positions. Options expiration itself isn’t a direct trigger for market rallies; its core significance lies in clearing out old position structures and signaling where big funds are positioning themselves for the future.

**Conservative players**: The current market volatility may temporarily decline, making it suitable for "lying flat and observing" or focusing on low-risk returns from seller strategies.

**Aggressive players**: You can start reserving positions for the Q1 market, but the key principle is to deploy gradually and strictly control your positions. Remember, we are still in the bottom-building phase, and it’s far from the stage of full-position betting.

The most chaotic chapter has already turned the page, and a new game is unfolding. Market data continues to tell a story—by understanding the main players’ new directions, you can seize opportunities in the next cycle.